The Real Deal Miami

Foreclosure home sales slip in South Florida

Sales of South Florida homes in some stage of foreclosure fell in the first quarter of the year, according to a report released today by RealtyTrac.

From January through March, there were 3,157 foreclosure-related sales in Broward County, and 2,704 sales in Palm Beach County, a year-over-year drop of 3 percent and 13 percent, respectively. These sales, which comprise about a quarter of those counties’ residential transactions, include houses and condominiums that are bank-owned, slated for auction or in default.

Prices are rising on foreclosed homes. Broward saw a year-over-year rise of 14 percent to $139,988 during the first quarter. In Palm Beach County, the average price jumped 21 percent to $136,196, RealtyTrac said.

Florida was among the states with the highest percentages of non-foreclosure short sales. The state had 26 percent non-foreclosure short sales, while Rhode Island led the pack with 44 percent, the report said.

Foreclosure-related sales account for 28 percent of all sales in Miami. Nationally, the two metro areas with the highest percentages in that category are Riverside-San Bernardino in California and Chicago, both with 35 percent, RealtyTrac showed.

The report also indicates that investors and other buyers are competing for properties as the housing market rebounds. That level of competition is proving an obstacle for some.

Lex Levinrad of the Distressed Real Estate Institute in Boca Raton said he recently bid $52,000 for a three-bedroom Lauderdale Lakes home listed for $36,000, the Sun Sentinel reported. Other buyers wanted to pay more, so his offer was rejected, the newspaper said. [RealtyTrac] and [Sun Sentinel] –Mark Maurer